They tend to make money no matter what the cycle is in that asset class.Maybe you buy something all cash with a value add component to it.

Finding out the surprises are part of your due diligence by getting the right professionals (home inspector, electrician, structural engineer etc)  If you're newer, avoid older houses as they tend to have more surprises and code violations when you start opening up walls. 

wholesale the deal with more profit than other wholesalers who tend to mark it up into oblivion.  

I do those and tend to hire out plumbing.

Own that and weigh it against the good things you have at this price point.I have found that business which tend to be the most ethical and best to deal with are the ones which say "this is our price, its fair, and it is what it is." 

We tend to shy away from those with no experience who want to do more than one deal at a time because of the risk involved on our end.

There will always be the risk that the lender may call the note.However, lenders tend not to "rock the boat" or "bite the hand feeding them", with a few noteworthy exceptions (greed knows no bounds).

It's what I do, and most of the pros I know do it too, because they tend to be from expensive markets like SoCal, where it is very difficult to purchase anything that makes sense.But going for "hot" markets is a bad idea.  

@CJ Ashton I live in a college town, so part of it is because students leave the first week of may and tend to be gone all summer, so tenants are looking for new places to live the next school year in March and April.

CRE loans also tend to be more forgiving of lower credit scores.